Niara Continues Recovering – See Current Exchange Rate

The naira continued to regain strength and appreciate in value at the parallel market on Tuesday as it was sold between N415 and N450 to a dollar.

A survey carried out by the NAN on Tuesday at the bureau de change (BDC) market in Abuja revealed that operators bought at the rate of N415 and sold at N425, but closed the day at N450 per dollar.

The BDC operators bought the pound sterling at N500 and sold at N510, while the euro was bought for N420 and sold for N425.

For the inter-bank rate, the dollar exchanged for N331.6, euro 335.75, while the pound exchanged for N394.25.

Some of the BDC operators told NAN that the provision of forex by the CBN to the commercial banks was responsible for the appreciation of the naira in the market.

Sani Ahmed, one of the operators, told NAN that the best way to crash the high rate in the market was the continuous injection of liquidity into the market.